Move Logistics Group has returned to profit in FY26 with all of its operations improving performance compared with the previous year.
The dual-listed freight firm reported net profit after tax of $300,000 and positive normalised earnings before tax of $1.6 million for its year to June 30 result.
It compares with a $10m normalised loss before tax in FY25, representing an $11.6m year-on-year improvement.
Revenue increased 1.5% to $290.6m despite subdued economic conditions, while net debt fell 38% to $10.4m.
Operating cashflow increased $7.3m to $32.6m and free cashflow was up $4.2m to $6.3m.
Move chief executive Paul Millward says the result delivers on the company’s target to return to positive normalised earnings.
“This year, we delivered on our commitment to return Move to positive normalised earnings. While market conditions remained challenging and the operating environment was far from predictable, our team remained focused on the things we could control.
“The reset phase of our New Horizons roadmap is now complete and our FY26 performance has demonstrated that our strategy is working,” Millward says.
Three of Move’s four business divisions delivered a profit during the year.
The freight and fuel division returned to positive earnings as revenue increased, while specialist improved its result as large projects commenced during the second half of FY26.
International also recorded a material year-on-year earnings improvement as its oceans business delivered expected results.
Warehousing remained below expectations amid excess industry capacity, weak customer demand and competitor pricing. Move says structural cost reductions have now been completed in the division, with the focus shifting to revenue growth to restore profitability.
Gross margin dollars and percentage improved during the year, despite cost inflation during the second half.
The company’s $27m cost-focused transformation programme was largely completed in FY25, with structural savings now embedded. Total FY26 expenses remained broadly in line with the previous year despite inflationary pressure and increased activity.
Move’s net debt reduction to $10.4m saw its net debt-to-earnings before interest, tax, depreciation and amortisation (EBITDA) ratio improve to 1.02 times.
The company has extended its ANZ banking facility to August 2027, while a new BNZ invoice finance facility will commence in November. Move says the new facility will reduce ongoing finance costs and help optimise working capital.
Chair Julia Raue says the result marks an important milestone for the business.
“We are encouraged by the progress we’ve made. However, our results are not yet where they need to be and our attention is now firmly on building sustainable earnings growth through stronger customer relationships, commercial excellence, disciplined investment and continued operational improvement.”
Move says there are encouraging signs economic conditions are beginning to improve, although the pace and timing of the recovery remain uncertain.
“Two years ago, we set out to reshape Move into a stronger, more resilient business. FY26 showed that strategy is delivering,” Millward says.
“With the reset phase complete, our focus has shifted from structural change to value creation. There is still plenty of work ahead, but today Move is a stronger, more disciplined and better positioned business.”
